Unwarranted Selloff Provides Opportunity In Nexstar Broadcasting

If you could buy a decent - not great, but decent quality business with a 10% free cash flow yield - my experience is that you would rarely lose money … if you can start out with a 10% free cash flow yield and it is going to grow at some modest rate, 3-4%,you are going to end up with a pretty decent investment. - Glenn Greenberg

Nexstar Broadcasting Group (NASDAQ:NXST) is a quality, durable business currently trading at ~20% FCF yield (not considering the Media General (NYSE:MEG) deal) and compounding FCF double digits. With an underappreciated asset base, a business model that throws off high levels of free cash, and two rapidly approaching catalysts,

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